Norwegian Air to raise additional cash before bankruptcy exit
Norwegian Air now aims to raise up to 6b crowns (US$711m) in fresh capital, up from a planned 4.5b crowns, to bolster its resources before emerging from bankruptcy protection next month as the pandemic continues to curb travel. Financed largely by debt, Norwegian Air grew rapidly, serving routes across Europe and flying to North and South America, Southeast Asia and the Middle East before the COVID-19 pandemic plunged the airline into crisis. "We want to take a conservative approach at a time when the pandemic and travel restrictions continue to create unpredictability in the travel sector," CE Jacob Schram said Wednesday. Courts in Oslo and Dublin have recently given their approval for Norwegian to sharply cut its debt by converting it to stock, but the rulings were conditional on the airline raising at least 4.5b crowns in additional funds.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2021-04-15/unaligned/norwegian-air-to-raise-additional-cash-before-bankruptcy-exit
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Norwegian Air to raise additional cash before bankruptcy exit
Norwegian Air now aims to raise up to 6b crowns (US$711m) in fresh capital, up from a planned 4.5b crowns, to bolster its resources before emerging from bankruptcy protection next month as the pandemic continues to curb travel. Financed largely by debt, Norwegian Air grew rapidly, serving routes across Europe and flying to North and South America, Southeast Asia and the Middle East before the COVID-19 pandemic plunged the airline into crisis. "We want to take a conservative approach at a time when the pandemic and travel restrictions continue to create unpredictability in the travel sector," CE Jacob Schram said Wednesday. Courts in Oslo and Dublin have recently given their approval for Norwegian to sharply cut its debt by converting it to stock, but the rulings were conditional on the airline raising at least 4.5b crowns in additional funds.<br/>
